Economic expert warns of ‘silver tsunami:’ New retirees could strain the labor market
Adi Guajardo
October 17, 2024
The unemployment rate in the U.S. changed little this month, holding at 4.1%, according to the Bureau of Labor Statistics. But some experts are concerned about the future as job openings outpace the workforce and older generations retire.
The latest report from the U.S. Chamber of Commerce shows there are 8 million job openings in the U.S. and 6.8 million people unemployed — a gap that is expected to increase as older Americans retire in waves described by some as a “silver tsunami.”
Lightcast, a company that focuses on providing labor market data to help empower communities, reported in September that U.S. employers will soon “face the largest labor shortage the country has ever seen.” The latest report, titled “The Rising Storm: Building a Future-Ready Workforce to Withstand the Looming Labor Shortage” lays out a deficit of six million workers by 2032. According to findings, foreign born workers are helping keep the economy afloat by filling roles in construction, hospitality, and other sectors.
